DanaB27
Expert Alumni

Retirement tax questions

Yes, this is a withdrawal of excess contribution plus earnings and not recharacterization. 

 

Yes, the 2022 Form 1099-R with codes P and J for the 2021 excess contribution plus earnings doesn't have to be entered on your 2022 return since it belongs on your 2021 tax return (which you already reported). The only exception is if there are Box 4 Federal Tax withholdings and/or Box 14 State withholdings. Then you must enter the 2022 Form 1099-R into the 2022 tax return since the withholdings are reported in the year that the tax was withheld. The 2022 code P will not do anything to the 2022 tax return but the withholdings will be applied to 2022.

 

Yes, the Form 1099-R for the returned excess contribution for 2022 will be entered on your 2022 tax return.

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